Bitcoin, Ethereum, Dogecoin Take Christmas Pause Amid $93M Longs Liquidation: Analyst Sees All-Time Highs For BTC In Just 2 Months On Key Indicator

Major cryptocurrencies experienced a slight dip on Christmas Eve due to the decrease in trading volume expected during the holiday season.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin BTC/USD -0.97% $43,221
Ethereum ETH/USD -0.40% $2,280
Dogecoin DOGE/USD -1.04% $0.093

What Happened: According to CoinGlass data, the crypto market is experiencing trouble for long traders. In the last 24 hours, a whopping $93 million of longs were liquidated, with Bitcoin longs accounting for $24 million and ETH adding up over $11 million. 

In total, 65,608 traders were liquidated, resulting in $145.97 million of liquidations.

The biggest single liquidation order occurred on Bitmex, with an XBT-USD value of $6.15 million. 

Great news for Christmas comes for SOL holders as Solana’s native token SOL surpasses the $100 mark. This price level has not been seen since the collapse of Luna-Terra a year and a half ago.

At the time of writing, SOL is valued at $112 a coin, making it a tenfold increase in value in 2023. Furthermore, it has surged more than 1027% in 2023 alone.

Top Gainer (24 Hour)

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Axie Infinity AXS/USD +37.10% $10.91
ORDI ORDI/USD +29.90% $70.71
Quant QNT/USD +20.04% $137.22

The global crypto market cap has reached $1.66 trillion, marking a 0.43% decrease in the last 24 hours.

The S&P 500 climbed on Friday following cooler inflation data, resulting in eight consecutive weeks of gains for the major averages.

The U.S. stock market will remain closed on Monday in observance of Christmas.

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency expert Michael Van de Poppe said that the Bitcoin Yield chart has encountered an inverse trend and the technical indicators indicate a bearish trend. 

“Massive weekly bearish divergence on the 2 & 10-year yields indicating that the high on the FOMC’s policy is in. In 2018, the same occurred. The bull market on Bitcoin started. The coming 1-2 years we’re bull.”

According to a pseudonymous crypto analyst TechDev, Bitcoin’s bullish trend may indicate that new all-time highs are just around the corner. TechDev explains that the on-balance volume (OBV), a trend indicator that uses volume flow to predict price changes, has been steadily rising. 

“Bitcoin’s two-month OBV is at new highs. Historically, it meant a new ATH was no more than two months away…And a top was six to 10 [months away].”

 On-chain analytics firm Sentiment reports that as markets head into the Christmas Break, some coins have experienced negative sentiment. The affected coins include $STORJ, $ILV, $LTC, $DYDX. According to the firm, assets with the most FUD in the past have a high likelihood of price bounces.

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

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